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Consumer Debt Facts in Fort Myers

Florida Consumer Debt Accumulation by County

Fort Myers Consumer Debt Accumulation

$551 dollars in debt in 2016

The average Fort Myers resident accumulated $551 dollars in debt in 2016. Fort Myers citizens racked up a total of $39.2 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Fort Myers?

Facing Debt: You have options

If you've got some serious debt accumulating, it can be extremely daunting. When the bills keep piling up, and you might not know where to turn to for help. Maybe you've heard a bit about debt consolidation but aren't too sure on how it can help you climb your way out from the hole you're in.

Debt consolidation doesn't have to be scary, and there are many options which will help you get out of debt faster. Research all of your options and then pick the one that works best for you and your financial situation.

Secured Debt Consolidation Loans in Fort Myers

Typically a secured debt consolidation loan allows you to lump most of your debt payments under a single bill at a lower rate than the individual rates you may have been getting. However, in order to secure a lower rate with a secured debt consolidation loan, you must have some type of asset to use as collateral, such as your home. More information on that can be found below.

How much of a loan you can get depends on the type of collateral you have and how much it's worth. These types of loans can also be repaid back over a long length of time, anywhere from 5 to 30 years, and they can often boost your credit rating if managed properly. Otherwise, you risk defaulting on the loan and losing the asset used as collateral.

Unsecured Debt Consolidation Loans in Fort Myers

Much like a secured debt consolidation loan, an unsecured debt consolidation loan lets you combine your debt payments under one lump sum with one interest rate. However, unlike a secured debt consolidation loan, you're not required to have an asset or collateral to receive such a loan.

Because you aren't offering up any collateral for such a loan, it's a much riskier loan for debt consolidators, and your interest rate could be somewhat high. These loans are determined according to your credit history and score, and the upside to an unsecured debt consolidation loan is that you aren't in jeopardy of losing your asset should you default.

Using a Home Equity Loan as Debt Consolidation in FL

A home equity loan lets you borrow money, using your home as collateral. This home equity loan is essentially a second mortgage that allows you to turn the equity on your home (the money your property is worth minus the amount you owe on it) into cash to be used at your discretion, such as debt consolidation. These loans are set up to be repaid quicker than your mortgage in equal payments with a fixed interest rate.

Home equity loans are secured loans which have the same risks and rewards already mentioned.

There are also programs which permit you to consolidate all of your credit card debt into one single payment (and interest rate). If you've got good credit, you could also be able to negotiate a lower interest rate on your credit cards, making it easier to repay.

Another option is to qualify for a new credit card at a low introductory interest rate (possibly as low as 0%) and transfer your credit card balance to your new card. While you're in your interest free rate, you should pay double payments in order to pay off your debt faster. But understand that the interest may very well be fairly high after the promotional period. Consider this way of consolidating debt only if you know you can pay off the debt while the introductory rate is in effect.

Another option with respect to debt consolidation is to enroll in a debt management program. A credit counseling agency will help you set up a debt management plan to help you pay off your debt as quickly as possible. This agency will also usually negotiate with your debtors so that they can reduce interest rates and fees.

Once the repayments are negotiated you will usually set up an account with the credit counseling agency and pay one lump sum a month into the account. The credit counseling agency will then disburse the payments out to each creditor. This benefits you because you only have to make one payment, and additionally it gives creditors more assurance that your payments will be made on time every month.

Credit counseling agencies can also help you develop a budget that's simple for you to follow and help alleviate some of the stress your debt has been causing you. If you stick to the plan a debt management program can help you save money, get rid of debt sooner and have a positive effect on your credit score.

Debt settlement is a strategy intended to pay off debts for less than you owe in a timeframe less than if you pay the debt in full. Debt Settlements are usually reserved for higher debt amounts of at least $10,000. Usually, the consumer enlists the help of a professional debt settlement company and/or lawfirm.

Those who choose to settle their debt can end up paying less than the full amount they owe. You will usually damage your credit in the short term, and there is a risk of litigration from creditors.

If you are serious about settling your debt, give us a call and we will see if you qualify.

Consumers have recently filed 245 debt or credit card complaints in Fort Myers.

Date Company and Reason
04/03/2018 A complaint against Professional Adjustment Corp. of S.W. FL., Inc. was filed on 04/03/2018 relating to debt collection practices and alleges that Professional Adjustment Corp. of S.W. FL., Inc. is attempting to collect a debt not owed by the consumer.
03/06/2018 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 03/06/2018 regarding credit card or prepaid card practices
02/26/2018 A complaint against FirstPoint Collection Resources filed on 02/26/2018 alleges that FirstPoint Collection Resources is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
02/17/2018 A complaint against Diversified Consultants, Inc. was filed on 02/17/2018 regarding debt collection practices
02/02/2018 A complaint against LTD Financial Services, LP was filed on 02/02/2018 relating to debt collection practices and alleges that LTD Financial Services, LP is attempting to collect a debt not owed by the consumer.
01/27/2018 A complaint against Resurgent Capital Services L.P. was filed on 01/27/2018 regarding debt collection practices
01/20/2018 A complaint against First Federal Credit Control was filed on 01/20/2018 relating to debt collection practices and alleges that First Federal Credit Control is attempting to collect a debt not owed by the consumer.
01/18/2018 A complaint against Convergent Resources, Inc. filed on 01/18/2018 alleges that Convergent Resources, Inc. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
01/10/2018 A complaint against Financial Business and Consumer Solutions. was filed on 01/10/2018 relating to debt collection practices and alleges that Financial Business and Consumer Solutions. is attempting to collect a debt not owed by the consumer.
01/10/2018 A complaint against Convergent Resources, Inc. was filed on 01/10/2018 relating to debt collection practices and alleges that Convergent Resources, Inc. is attempting to collect a debt not owed by the consumer.

Last updated: 2018-04-12

Top Reasons for Debt in Fort Myers

OverSpending

The single most common form of debt help that people seek is for credit cards that got out of control.

Divorce

If you are going through a change in marital status in Fort Myers and can't pay all of the bills, we may be able to help.

Job Loss

When unemployment in Fort Myers rises, many consumers are left unable to pay their bills. Debt management options are available.

Medical Bills

Unexpected medical expenses happen. A simple treatment can be billed at outrageous rates. Many consumers prefer to settle their medical debt.

Lee County, Florida annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 28 cities and towns in Lee County, FL. The average citizen in Fort Myers is spending approximately $551 more dollars than they earned annually, compared to the average of $371 across Florida. All statistics according to the latest data(2016).

Highest Debt Cities in Lee County Florida

  1. Whiskey Creek ranks 1st out of 28 cities in Lee County in consumer debt accumulation with $174 per resident on average in 2016.
  2. Sanibel ranks 2nd out of 28 cities in Lee County in consumer debt accumulation with $198 per resident on average in 2016.
  3. St. James City ranks 3rd out of 28 cities in Lee County in consumer debt accumulation with $212 per resident on average in 2016.
  4. Gateway ranks 4th out of 28 cities in Lee County in consumer debt accumulation with $219 per resident on average in 2016.
  5. Buckingham ranks 5th out of 28 cities in Lee County in consumer debt accumulation with $226 per resident on average in 2016.
  6. Estero ranks 6th out of 28 cities in Lee County in consumer debt accumulation with $234 per resident on average in 2016.
  7. Bonita Springs ranks 7th out of 28 cities in Lee County in consumer debt accumulation with $246 per resident on average in 2016.
  8. Lochmoor Waterway Estates ranks 8th out of 28 cities in Lee County in consumer debt accumulation with $256 per resident on average in 2016.
  9. Iona ranks 9th out of 28 cities in Lee County in consumer debt accumulation with $281 per resident on average in 2016.
  10. Three Oaks ranks 10th out of 28 cities in Lee County in consumer debt accumulation with $293 per resident on average in 2016.
  11. Cape Coral ranks 11th out of 28 cities in Lee County in consumer debt accumulation with $296 per resident on average in 2016.
  12. Bokeelia ranks 12th out of 28 cities in Lee County in consumer debt accumulation with $299 per resident on average in 2016.
  13. Lehigh Acres ranks 13th out of 28 cities in Lee County in consumer debt accumulation with $328 per resident on average in 2016.
  14. Cypress Lake ranks 14th out of 28 cities in Lee County in consumer debt accumulation with $341 per resident on average in 2016.
  15. Villas ranks 15th out of 28 cities in Lee County in consumer debt accumulation with $369 per resident on average in 2016.
  16. Pine Manor ranks 16th out of 28 cities in Lee County in consumer debt accumulation with $396 per resident on average in 2016.
  17. McGregor ranks 17th out of 28 cities in Lee County in consumer debt accumulation with $400 per resident on average in 2016.
  18. Fort Myers Shores ranks 18th out of 28 cities in Lee County in consumer debt accumulation with $407 per resident on average in 2016.
  19. North Fort Myers ranks 19th out of 28 cities in Lee County in consumer debt accumulation with $427 per resident on average in 2016.
  20. Fort Myers Beach ranks 20th out of 28 cities in Lee County in consumer debt accumulation with $481 per resident on average in 2016.
  21. Fort Myers ranks 21st out of 28 cities in Lee County in consumer debt accumulation with $551 per resident on average in 2016.
  22. Tice ranks 22nd out of 28 cities in Lee County in consumer debt accumulation with $578 per resident on average in 2016.
  23. San Carlos Park ranks 23rd out of 28 cities in Lee County in consumer debt accumulation with $647 per resident on average in 2016.
  24. Pine Island Center ranks 24th out of 28 cities in Lee County in consumer debt accumulation with $877 per resident on average in 2016.
  25. Suncoast Estates ranks 25th out of 28 cities in Lee County in consumer debt accumulation with $927 per resident on average in 2016.
  26. Page Park ranks 26th out of 28 cities in Lee County in consumer debt accumulation with $1019 per resident on average in 2016.
  27. Palmona Park ranks 27th out of 28 cities in Lee County in consumer debt accumulation with $1440 per resident on average in 2016.
  28. Captiva ranks 28th out of 28 cities in Lee County in consumer debt accumulation with $4787 per resident on average in 2016.
How does Lee County rank in Florida?
Florida County Debt Distribution

8 counties in Florida accumulated $500+ in debt in 2016. Fort Myers averaged $551 per resident.

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